Business or profession?

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Dimple Kotak (Querist)
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26 July 2013 Dear all,

software development should be classified as business or profession?
as per income tax act business includes trade, commerce or manufacture and adventure in nature of trade commerce or manufacture.

pls advice as early as possible as its urgnt.

Thnks

Rupesh Jain

Rupesh Jain (Expert)
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26 July 2013 it fall under profession

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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26 July 2013 If assessee is an individual and a qualified engineer, then it is PROFESSION , otherwise consider as BUSINESS.

Dimple Kotak

Dimple Kotak (Querist)
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26 July 2013 Thnks
but how it can depend on type of person i.e. individual or corporate
nd its educational qu
alifucation?
pls xplain

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